Reliability Enhanced Multi-objective Economic Dispatch Strategy for Hybrid Renewable Energy System with Storage

An optimal dispatch strategy for the economic operation of hybrid renewable energy system with storage is presented in this paper. Solar photovoltaic (PV), Wind and Battery Storage are the prime components of interest constituting the hybrid system. In addition to the economic aspect of the systems, the formulation focuses on renewable prioritized operation, system reliability and environmental sustainability enhancement. Being a multi-objective (MO) problem, a modified non-dominated sorting particle swarm optimization is used for solving the problem, considering operational cost, pollutant emission, and expected energy not served as operational objectives. The non-dominated sorting particle swarm optimization (NSPSO) is augmented with crowding distance technique, stochastic weight trade-off and chaotic mutation approaches, to control the exploration of global and particle bests, alleviating premature convergence, and enhancing solution search capability. A two-stage approach is used to derive the best solution. A modified IEEE 30-bus test system is used to demonstrate the results. By using the proposed approach, a lower and wider Pareto front is obtained, in comparison with prominent optimization approaches.